■LIVESTOCK
Sheep sold for world record
A sheep has sold for a world record £231,000 (US$376,200) at a Scottish livestock auction, a British sheep society said. Deveronvale Perfection, a Texel breed admired by his new owner for his “great body and strong loin,” will be used for breeding. Experts are predicting the tup, the farming term for an uncastrated sheep, will prove a bargain over the long term for his new owner. “It comes down to genetics,” said British Texel Sheep Society chief executive, John Yates, on the society’s Web site. “Breeders are looking at the decades of sheep that this blood line can produce.” Graham Morrison, who owned Perfection, said the price surpassed his wildest dreams, the Web site said. Farmer Jimmy Douglas of Cairness, Scotland, who forked out the record amount, was quoted as saying Perfection was the best lamb he had ever seen.
■PROPERTY
Qatar to invest in Songbird
Qatar Holding LLC said it would become the largest shareholder in Songbird Estates PLC, the biggest landlord in London’s Canary Wharf, after the UK property company agreed on Friday to sell shares to repay loans. Qatar Holding would own 14.8 percent of Songbird by investing in the company’s preferred stock, the Doha-based arm of the Qatar Investment Authority said in a statement. Songbird agreed to sell shares to institutions, including Qatar Holding and China’s sovereign wealth fund to repay £880 million (US$1.4 billion) in bank loans. The UK’s biggest real-estate companies tapped investors for cash this year after a slump in commercial-property values threatened to make them breach the terms of their bank loans. Songbird is the largest shareholder in the company that owns 16 of the 30 office buildings that comprise Canary Wharf, an area by the River Thames covering 39 hectares.
■INVESTMENT
CIC boosts fund investment
China Investment Corp (CIC, 中投公司), China’s sovereign wealth fund, is continuing to shift its investments away from cash and shifting billions to hedge funds and private-equity funds, chairman Lou Jiwei (樓繼偉) said. China Investment has invested “many times” the US$500 million that CIC was reported to have placed in hedge funds and private-equity firms in June, Lou said in an interview in Beijing yesterday. He said China Investment was also investing in fund-of-funds. Lou said Beijing-based CIC’s performance this year “has not been bad” following last year’s 2.1 percent decline in its global investments. He didn’t elaborate. China Investment had US$297.5 billion in assets and 87.4 percent of its global portfolio invested in cash and cash equivalents at the end of last year, the fund reported earlier this month.
■FINANCE
Shin Kong to raise funds
Shin Kong Financial Holding Co (新光金控) said on Friday that its board had approved another NT$5 billion (US$151.9 million) fund-raising plan by issuing new shares, it said in a press statement. The new shares will first be open to the company’s shareholders for subscription before being released to the company chairman or via private placement, the statement said without providing details, including a timetable. Along with the earlier US$375 million fund raised via the issuance of global depositary receipts late last month, the new funds will be used to boost the capital adequacy ratio of the firm’s life insurance subsidiary, Shin Kong Life Insurance Co (新光人壽), Taiwan’s third-largest life insurer.
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his